David Cooper Las Vegas Foresclosure Specialist http://www.lasvegaswinner.org or call 702-499-7037
He decided to just pursue a rental property in an area when properties are renting within 30 days (not hard to find in Las Vegas).
I worked for a guy who ran a print shop once, he bought a press on a five-year note - he didn't start making money off the press until he paid it off. Then, it was one of his profit centers.
You don't have to have the house have positive cash flow, you just need to have the tenant help you pay off the mortgage. I'd rather have a 15-year note and higher payments than a 30-year that threw off a few dollars here and there.
But either way, I'm with you.
Epro, SFR, CDPE, CIAS
Keller Williams Realty, The Market Place 1
1333 N. Buffalo Dr. #270
Las Vegas, NV 89128
Although I understand that logic, I disagree. I must receive positive cash-flow from every income property. Plus, paying off one's mortgage completely might not always be the best course of action (especially when considered from the standpoint of asset protections). Stated another way, debt encumbered properties aren't as juicy of targets for "slip and fall artists" and their crooked attorneys (per one of my attorneys on asset protection).